New approach to the Lehman Brothers economic crisis in 2008.
The 2008 crisis marked the beginning of the search for new Financial Sustainability formulas.
Through this educational video that I have made for the study and reflection of the Economic-Financial Crisis of 2008(Lehman Brothers Economic Crisis), you can observe in a totally visual way, the evolution and mutations that it has undergone throughout its development.
VIDEO: THE INTERNATIONAL FINANCIAL CRISIS ORIGIN AND MUTATIONS
Following the same visual line as in the previous educational video, on that occasion we reflected on the situation and consequences of the 2008 Crisis, we then observed that in this process an attempt has been made to reach a“Redesigning Welfare State“.
In this way, through images, we manage to see that we have tried to review all the necessary institutions, seeking a new balance between efficiency and equity, but at the same time not to maintain, from a misunderstood solidarity, institutions capable of blinding the sources of job creation and economic growth.
SUSTAINABILITY – THINKING ABOUT PEOPLE AND THE PLANET
It is from this concept of solidarity, between people and planet, that we begin to take a new economic approach in line with efficiency and equity to reach a sustainable and circular inclusive economy .
So far we had seen and still see that financial markets reward short-term results.
For this reason, many companies, financial or otherwise, still work under pressure to achieve good short-term results rather than setting longer-term goals such as those related to environmental and social sustainability.
It is we ourselves, as part of society and members of the economic community, who must be aware that the environment and economic development are highly correlated, in order to translate this as students, teachers, etc…..
We have left behind the vision of banking that triggered the 2008 Crisis to focus on sustainable banking.
From an internal perspective: We refer to the economic, social and good governance factors that must be implemented in the daily management of any company.
From an external perspective: This is a broader concept that includes the social and environmental impact of banks when allocating financial resources.
The ECB (European Central Bank) believes that institutions should adopt a strategic, forward-looking and comprehensive approach to climate-related and environmental risks.
INTERNATIONAL PUBLIC INITIATIVES
However, it is from this new source of income under the common denomination of “sustainability” that we are witnessing the launch of several public initiatives at the international level to regulate the matter. We have the following examples:
A) Proposal of the EU Commission with an extensive taxonomy on the subject, the European Securities and Markets Authority(ESMA).
b) Within the framework of the United Nations Climate Change Conference (COP26) in Glasgow, theIFRS Foundation, the issuer, through the IASB, of international financial reporting standards, announced the creation of a new International Sustainability Standards Board(ISSB).
The IASB and the ISSB will be independent of each other, but they should complement and coordinate their functions so that, based on their standards, companies can provide an effective and efficient service to their customers. sustainability information that is consistent with its financial statements and facilitates global comparability.
SUSTAINABILITY AND FINANCIAL MARKETS
A concrete example of sustainability applied to finance is the growing development of climate derivatives markets and sustainable investment funds.
It is excellent proof that the financial sector is accepting the enormous challenge of helping to ensure that the effects of sustainability are reflected in the financial markets.
As a general conclusion, we have left behind the vision of banking that triggered the 2008 crisis to focus on sustainable banking.
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